Life Changes your Advisor Should Know About

Retired elderly couple sitting at kitchen table happily hugging each other

The New Year has arrived! For many, it is a time of goal setting and starting fresh, with a clean slate for the year ahead. When you think of New Year’s resolutions, some of the common ones that come to mind are losing weight, getting in shape or knocking items off of your bucket list. While these are all good things to strive for, it is also important to consider where your financial goals fit in.

A lot can happen over the course of the year, and it makes sense to think ahead and establish any changes to your financial plan and estate plan. Keeping this in mind, why not add a review of your financial plan to your New Year’s goals this year?

What You Need to Know

If you have experienced any of the following life changes in the past year, or expect to in the coming year, you may wish to contact your advisor to update your financial plan in order to ensure you are still on track to accomplish your financial goals:
• You got married or divorced
• You had a child or grandchild
• You moved in with a spouse or partner
• You started a new job
• Your cash flow changed
• You moved or are planning to move
• Your children moved to the U.S.
• Your health changed, mentally or physically
• You suffered the death of a spouse, parent, or child
• You acquired a significant new asset
• You are supporting an adult child
• You have a family member struggling with addiction
• You are supporting a parent or other elderly relative
• You are planning on travelling
• You are or will be retiring in the foreseeable future

These are just a few examples of life changes that could warrant adjustments to your financial and estate plans, and there may be others. If you are unsure whether your situation will affect your finances, feel free to give your advisor a call. Our expert financial planner will be able to adapt your financial plan to fit your life over the long term. This often means veering off course and re-molding your plan to fit a changing situation.

If you do not identify with anything listed above, it is good practice to at a minimum do an annual review of your finances. Meeting with your advisor could help you identify new opportunities available to you or provide peace of mind knowing that you are on track to meet your objectives.

The Bottom Line

Do not forget to include your finances in your New Year’s goals. The more attention you pay to your financial situation, the more prepared you will be to meet your retirement and saving goals!

All examples are for illustrative purposes only and are not intended to provide individual financial, investment, tax, legal or accounting advice. This material is for general information and is subject to change without notice. Every effort has been made to compile this material from a reliable source. However, we cannot guarantee that information will be accurate, complete and current at all times. Before acting on any of the above, please make sure to see a financial professional for advice based on your personal circumstances.

Back To Articles, Videos & Podcasts
Schedule an assessment with our team of experts